The cryptocurrency market has grown 9% weekly, exceeding $2 trillion in capitalization at the time of writing this article.
According to data from the cryptocurrency price monitoring platform CoinGecko, the cryptocurrency and digital asset market has recovered 9% in the last week, currently exceeding a capitalization of 2 trillion dollars.
The value of Bitcoin, Ethereum, Cardano, Solana and Polkadot, which are among the top 10 cryptocurrencies in the industry, have risen between 7% and 37% in the last 7 days. However, the market has been led by Ethereum Classic, with an impressive growth of 76% and by some of the cryptocurrencies related to the DeFi and NFT ecosystem, such as Loopring, ApeCoin and Axie Infinity.
Source: CoinGecko
At the beginning of the week, the total value of all cryptocurrencies in the industry amounted to $1,91 trillion. Currently, the market capitalization of cryptocurrencies reaches $2,08 trillion.
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Growth of the main cryptocurrencies
Although the cryptocurrency market has not yet left the bearish trend, increased confidence, usage and demand in major digital assets appears to be behind the recent rally.
Cryptocurrency analyst and blogger Colin Wu tweeted that the number of bitcoins available in Purpose Bitcoin ETF, The first Bitcoin ETF approved in Canada, has reached record levels, with a net increase of 2.473,5 BTC in the last two weeks, according to data from GlassNode. In total, this Bitcoin exchange-traded fund launched by Purpose Investments owns 36.271,8 BTC, valued at $1.600 billion at the time of writing this article.
Colin Wu also indicated that total Bitcoin exposure through the ProShares ETF, which trades on the New York Stock Exchange under the symbol BITO, has risen to a new all-time high above 28.000 BTC, after recording strong inflows into the last two weeks.
Bitcoin: From extreme to neutral fear
The Bitcoin Fear and Greed Index has gone from “extreme fear” last week to a “neutral” state currently. The reading of 47 indicates that investors' outlook towards Bitcoin is more optimistic compared to last week.
Source: Alternatives
Cryptoanalysis company Arcane Research indicated that institutional entry into the cryptocurrency market this year has partly driven the crypto market's recovery. Currently, Bitcoin is above $44.000 per unit, while Ethereum is above $3.100 per ETH.
Crypto adoption in the world
The adoption of cryptocurrencies by world governments is also impacting the market. Ukraine recently announced the legalization of cryptocurrency companies in the country, adding new digital assets to its fundraising platform. Also, the Central Bank of Russia authorized Sberbank to operate in digital financial assets and said it would implement oil and gas trading with Bitcoin, if necessary, to overcome sanctions imposed by the governments of the United States and Europe.
In the United Arab Emirates, Dubai created an agency to oversee the crypto industry, regulating the use of crypto assets in the city to lead its growth and adoption.
Anthony Pompliano and Larry Fink, CEO of BlackRock, the world's largest asset manager, they affirm that the current war between Russia and Ukraine will lead governments to reevaluate their monetary dependencies, look for alternative networks, and accept Bitcoin.
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